This is a trend following analysis using a breakout entry formation that generally has the greatest results. This analysis is good for 4H trading, but can also be used on almost all time frames and on all pairs. Basically, this analysis is based on breakout and certain forms of reversals. The analysis seeks to highlight potential breakout setups that can result in higher reward. To ensure consistent successful trades, the trader should exercise some degree of patience and wait for the perfect set up to execute trades. There’re are several types of breakouts, I only focus on two types of breakouts, trend line breakout and double top/triple top/ bottom breakout. Even with the two, I only trade double top/ triple bottom breakout most of the times and trend line breakout at some other times. Double top/Triple top/ bottom breakout is more dependable and reliable than the other. Note, trend line breakout includes also breaks that occur out of various shapes such as wedges, channels, triangles, and all the other shapes part from rectangles. Below are the simple sketches of some of the breakout setups I’ll be focusing on.
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#ASX weekly Technical observation Last week,#ASX went down below a supportive key line 6130.0 with a big red candle, it rallied steadily towards the key supportive zone 5684.1-5639.7 but could not reach it and is still showing signs of declining towards it.This week’s candle opened below 6130
Technical observation The pair on the 4hour chart above is rallying between a resistance zone 1.1655-1.1646 and a support 1.1533,I expect either a retracement to the zone and a rejection within it for bearish momentum of price, or a decline to the support followed by a clear breakout below it and a
Technical observation The pair on the daily chart above is still rallying below a resistance zone 1.3315-1.3281,I expect a rise to it followed by a bounce within it for possible bearish rally of price towards 1.12904 and a possible breakout below it for a further decline in price towards 1.2624.Wait
Technical observation The pair on the daily chart above declined steadily towards a supportive zone 111.82-111.61 but price could not penetrate below it and was rejected. Currently it is moving on an increasing bullish bias towards 114.51 and I expect a possible bullish momentum to the line. I’m loo